Ping An Securities·2025-03-27 07:42Investment Rating - The industry investment rating is "Outperform the Market" [3] Core Viewpoints - China Pacific Insurance (CPIC) reported a net profit of 45 billion yuan for 2024, representing a year-on-year increase of 64.9%, with operating profit at 34.4 billion yuan, up 2.5% year-on-year [2] - The company plans to distribute a cash dividend of 1.08 yuan per share, totaling 10.4 billion yuan, which accounts for 23.1% of the annual net profit [2] - The life insurance segment is undergoing a deep transformation, with new premium income expected to reach 78.9 billion yuan in 2024, a decrease of 4.8% year-on-year, but showing quarterly growth fluctuations [2] - The economic assumptions have been adjusted, with the risk discount rate lowered from 9.0% to 8.5% and the investment return rate from 4.5% to 4.0% [2] - The property insurance segment achieved a premium income of 201.2 billion yuan, up 6.8% year-on-year, despite an increase in the combined ratio due to large disaster claims [2] - Total investment income for 2024 is projected at 120.4 billion yuan, a significant increase of 130.5% year-on-year, with investment yield rates showing slight variations [2] Summary by Sections Life Insurance - New premium income is projected at 78.9 billion yuan, with quarterly performance showing fluctuations [2] - The number of sales agents increased to 188,000, with a 30.4% year-on-year increase in average first-year premium per agent [2] - The bank insurance channel saw a significant increase in NBV, with a year-on-year growth of 134.8% [2] Property Insurance - Premium income reached 201.2 billion yuan, with a year-on-year growth of 6.8% [2] - The combined ratio increased to 98.6%, primarily due to disaster-related claims [2] Investment Performance - The proportion of stocks and equity funds in investment assets rose to 11.2% [2] - Total investment income is expected to be 120.4 billion yuan, with net investment yield rates showing slight declines [2] Investment Recommendations - The low interest rate environment is expected to enhance the competitiveness of major insurance companies, with a focus on floating income products [2] - The industry valuation remains at a low point, suggesting potential for recovery [2]